Why its good Steemit didnt have ICO and has no Ads - Based on Case of MyCellium
MyCellium is a famous mobile Bitcoin wallet which you can get for both iOS and Android.
About being a wallet the coolest thing it had, it was kind of market where you could meet other users and buy/sell Bitcoins with them.
Everything was working fine, they even did a token sale and thats when trouble started.
Investors bought it, token didnt get anywhere (other than BitSquare) and none of promises were met.
Nobody trades it.
They got pretty nice money for it.
It was gonna be 5% of whats company worth and there were supposed to be dividends.
Lately they update their wallet software to 2.8.10 and.. started showing an really abusive ads.
Currently users are moving out of that wallet for others (theres plenty to choose).
Just for you ive installed this wallet to show how it looks like.
Lessons For STEEM
Well not lessons as STEEM did it already but this just shows it did it good. If you have a cool product you dont need to do ICO and if you have others way to monetize (people buying tokens in this case) theres no need to make ads.
If Steemit gets Ads i bet somebody will fork for nonads platform. People hate ads this days. Top mobile wallet is now going down due to some bad decisions and its worth watching.
Other Mobile Wallets
I know people will ask - ok what wallet do you suggest.
Im oldschool so for BTC i use Bitcoin Wallet - yes just google that. Simple and easy. Nothing fancy but works.
You can also go for Breadwallet or Jaxx that has more currencies.
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Maybe fair invite to start mining wouldn't hurt.
Steem might not have had an ICO but they did launch the blockchain quietly a few times and most of the steem was mined before the introduction of Steemit. There is nothing inherently wrong with the ICO model other than many of the current projects not having any reason to have a token in the first place.
If you are going to do an ICO your token better have some economic value in your project. A prime example of a project with a useful ICO was Maker's MKR. Augur REP is another useful token in the Augur project.
There will be many more ICOs and many more uneducated investors getting involved. There will be a 'bubble'. Be careful and do your research.
I just wrote a piece on ICO's here that may be of interest to others reading...
https://steemit.com/ethereum/@amexperts/all-ico-s-are-scams
ICO is very risky but also high return if it is successful. It is depend on level of risk you want to take. I think it is also good idea if we do research on the ICO and milestone of the project. In addition, we can follow the progress of ICO and its price after 1 to 3 months on the exchange and review its work progressed before investing on it. I am not investor or trader of any experience in the market. This is just my views. :-) Be profit and have fun with cryptocurrency. Anyway, I am long on Steem and I like @Steemit.
Hey Kyle! Thanks for the reminder of not following the hype. Information not emotion should drive most investors.
Yeah that's not always the case here on steem :P I do my best to bring some pragmatism to this place...
@kyle.answerson is there somehow i can get in contact with you, i have a partner thats looking for some advice in relation to starting our own ico/ coin.
Kylejamesanderson.info
A sharp response from a sharply dressed man
Comment after flag from @abit and @smooth. Nothing wrong with a flag - just hoping it was for reward disagreement. I don't think a flag is the right way to treat something that could be interpreted as steem criticism.
@transisto could this have been vote nullification from the whale experiment?
Another reason why community tokens is a bad idea, steem is going to look like a scam fest when everyone and their brother can launch a token at the click of a mouse.
Tokens have a myriad of extremely positive use cases, just like a hammer is a useful tool that can be used to build value. Sticking with this example, Steemit, Inc. is only interested in supporting vetted, positive use cases.
I'm extremely keen to have CBTs in the chain before figuring out how to allow them on Steemit. This will empower all the Steem devs, such as Chainbb Busy Zappl and major website operators who I communicate with on a daily basis to take advantage of Steem-like tokens while benefiting STEEM.
I think your wrong on that friend. The community tokens are going to create this incredibly free market within Steem.
Lol no. The community tokens are going to trade for BTC. Steem will be history
You were probably spreading FUD about ethereum too.
All ETH tokens are trading for BTC. Keep your assumptions to yourself please.
I didn't make an assumption or say anything about ETH trading for BTC. Try and keep up.
You didn't reply either, and your username is not contentjunkie,..OK got you
Won't these coins be on a sidechain? I don't know if you'd be able to sidestep STEEM in the process of buying/selling them. However, I can see where it might discourage holding STEEM for the long term, which is critical to the health of the ecosystem, currently.
This is what I think of the tokens, am I missing something? https://steemit.com/steemit/@trevorlyman/a-game-of-thrones-coin
If Steemit ever got ads, it would have to be opt-in, and the ad-viewer would receive a reward directly from the advertiser.
This is my understanding of the "attention economy".
It sounds tenable, although no one has pulled it off yet.
Cool!
Points at BAT
Very nice man!
I love the way u think. Because. U already solved the problem for both sides of said discussion and it's free market as f
I agree that ads are a viable option if they are introduced opt-in. I think Ivan the Tech nailed it when he said the first cryptoplatform to directly connect content producers and advertisers will essentially kill YT and FB. I wrote a little piece on it here: From Nothing to Facebook Killer in Two Years
suppose someone were to fork steemit with ads that provide rewards to writers and viewers... could be done today? or would that violate the copyright of the original poster since they did not explicitly agree to the revenue generation?
Lessons For STEEM
Well not lessons as STEEM did it already but this just shows it did it good. If you have a cool product you dont need to do ICO and if you have others way to monetize (people buying tokens in this case) theres no need to make ads.
If Steemit gets Ads i bet somebody will fork for nonads platform. People hate ads this days. Top mobile wallet is now going down due to some bad decisions and its worth watching.
True story! I really agree with that!
I think Jaxx is adding Steem to their availble alt coins so that will be more good promo for us.
An ICO would have been absolutely insane, considering the influx of partakers as soon as the platform officially started paying out its very first pay out.
Wicked post, thanks, namaste :)
It will be interesting over time how the "steem power" will be purchased to advertise on the platform plays out. But it for sure has value as it has proven. Great post :P
How so true.
As someone who has made money off of ads, I have personally found ads annoying.
So I changed my strategy.
I moved onto something that serves customers first.
And doesn't annoy them. :)
Glad Steemit is ad-free. With readable fonts.
Love it already!
I lost money on another ICO that the CEO of Mycelium, Alexander Kuzin, launched called Massnetworks.
It was what i thought was a good idea.
An idea that has now been taken up by the BAT ICO.
We gave money, have our tokens, but then no word from the developers and now our tokens sit there useless. I now see it as part of my crypto learning experience. But it was an expensive lesson.
Stay away from anything this Mr Kuzmin has to offer.
Wow Im sorry to hear that. I been along time Myc wallet user and almost got in on the 1st ICO but at the last minute decided not to. I'm so glad I didnt after reading this post. Thanks for sharing your experience.
I believe this will be the case for many...
https://steemit.com/ethereum/@amexperts/all-ico-s-are-scams